Fort Collins, Colorado, Dec. 13, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, The Smart Meter Market was valued at USD 22.7 Billion in 2022 and is anticipated to grow CAGR at 8.8% to reach USD 52.4 Billion by 2032.
Smart meters measure a user's electricity, gas, and water usage. Unlike regular meters, they collect real-time data, allowing suppliers and users to monitor and track device usage.
Governments worldwide promote smart meter installation to set better tariff rates and analyze regular and peak consumption. Smart meters also aid in accurate billing, transparency, energy-saving, carbon footprint reduction, and adoption of solar energy.
Smart grids help integrate renewable energy sources and match the demand and supply of electricity. Smart meters are an integral part of the smart grid system, aiding in real-time data transfer, monitoring, and communication with the utility company.
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Segmentation Overview:
The global smart meter market has been segmented into product, phase, end-user, and region. The demand for smart electric meters is growing rapidly as they record and transmit real-time information about consumption and voltage levels. This leads to transparent billing, helps users manage their energy use, and enables service providers to analyze demand and ensure an uninterrupted power supply. Single-phase meters are popular for residential use and are expected to grow with government initiatives for smart meter installations. They are lightweight, provide accurate readings, and generate real-time data.
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Smart Meter Market Report Highlights:
- The global smart meter market growth is anticipated at a CAGR of 8.8% by 2032.
- Smart meters are devices that measure gas, water, and electricity consumption. They provide users with real-time consumption tracking and simplify the billing process.
- Smart meter adoption in Europe is high and quick, resulting in a significant market share. 13 out of 27 European Union nations have installed smart meters, with an 80% penetration rate in these countries. Some countries that have achieved this installation rate include Sweden, Denmark, Italy, Spain, France, and the Netherlands. Portugal, Austria, Great Britain, and Ireland plan to achieve this installation level by 2024.
- Some prominent players in the smart meter market report include Itron Inc., Landis+Gyr, Honeywell International Inc., TATA Power, Badger Meter, ABB Ltd., General Electric, Kamstrup, Wasion International, HPL Electric and Power, and others.
Industry Trends and Insights:
- Tata Power signs MoU with Maharashtra Govt. for 2800 MW of Pumped Hydro Storage Projects.
- Honeywell to acquire Carrier Global Corp's Global Access Solutions for $4.95 billion to enhance its building automation capabilities and become a leading provider of security solutions.
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Smart Meter Market Segmentation:
By Product: Smart Electric Meter, Smart Water Meter, Smart Gas Meter
By Phase: Single Phase and Three Phase
By End-User: Residential, Commercial, and Industrial
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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